Islamabad August 16 2022: Pakistan Software Export Board (PSEB) and AKD Securities (Financial Advisor Lot1) have signed Tri partite agreement, with five IT/ITeS Companies for enlisting on PSX GEM in a ceremony in Karachi.
Where Mr. Osman Nasir, Managing Director PSEB, Farid Alam, CEO AKD Securities Limited, Mr. Talib H Baloch, Project Director PSEB, Chief Executives of 5 applicant companies and representatives from senior management of AKDS, PSEB and 5 applicant companies were present.
In continuation of its endeavor to help grow IT Industries at multiple levels, The Pakistan Software Export Board (PSEB) has launched its unique initiative to enlist 40 small and medium-sized enterprises (SME) with an IT/ITeS background on the Growth Enterprise Market (GEM) Board of the Pakistan Stock Exchange (PSX) to raise equity capital through PSX and fund their expansion plans.
In first round of selection of IT/ITeS companies PSEB has selected; 1) M/s Excellence Delivered Private Limited, 2) I Engineering Private Limited, 3) Sapphire Consulting Services Private Limited, 4) Netsat Private Limited & 5) Innovative Private Limited for GEM Board listing initiative. Under the program, PSEB will sponsor 70% of the listing cost incurred on a selected company's listing. Through this unique initiative of PSEB, IT/ITeS companies will raise millions of rupee as equity capital and will able to fund their plan for growth at multiple levels, thus, positioning theirselves to exploit the national and international level business opportunities. “PSEB endeavor to work in a direction and devise a sustainable IT enhancing framework to plan and implement various projects in every domain of demand and supply side. Under this vision PSEB is undertaking various initiatives to help IT Industry in human resource management, capacity building and , IT infrastructure and ease of doing business through dialogues with different regulators”, said Osman Nasir in his welcome note.
He further added, “listing of IT/ITeS Companies on stock exchange will open up access to capital and will provide relief to the IT companies addressing their capital needs. Partnering with AKD Securities will assure the success of the project as AKDS are and want to be the front runners in providing quality services for the listing of companies”.
Mr. Farid Alam, CEO AKDs, “AKD appreciate the valuable interaction with PSEB whereby they are assisting the growth companies to shine up their potential through marketing their untapped potential to the futuristic investors. AKD is all set to perform its role to make the opportunity of GEM Board listing to a real GEM for the IT Industry”. He further emphasised, “PSEB being government own body is well positioned to help convincing regulators to sublime the regulation creating enabling environment for investors to invest and tech companies to grow.”
The chief executives of the selected companies showed excitement about availing this opportunity partnering PSEB and AKDS, and assured their full support during the process. They were of the view that the initiative of PSEB will help expand export base of the country, create employment and bring tech revolution in the country in year to come. Mr. Talib Baloch add, “PSEB carrying a vision and ensuring Government’s focus endeavoring to create an enabling environment to foster the rapid the growth of IT Industry in Pakistan.
This initiative is prime example that will help IT companies to provide instant access to capital through listing on stock exchange. He added, “Despite of various challenges on the avenues of growth, the potential of IT Companies can be nurtured through educating and working in close coordination with IT companies. PSX is also very keen and supportive to create momentum and relax the regulatory difficulties to the minimum possible level in order to ease out the investment environment”, he added.